Greenway Mortgage Blog

28 January 2022

MarketMinute | Fed Rate Hikes Possible in 2022

The Fed didn't raise policy rates at this week's meeting but did signal a possible March hike. Markets are now pricing in up to 6 hikes in 2022. Economic growth accelerated by more than forecast in the 4th quarter, fueled by the rebuilding of inventories and a pickup in consumer spending. Fewer workers applied for unemployment benefits last week, a sign the job market continues to recover from the impact of COVID-19. Case-Shiller reports home prices surged 18.8% year-over-year in November, even as the housing market entered a normally slower...

21 January 2022

MarketMinute | Homebuilder Blues

Crude oil prices surged to a 7-year high due to strong global demand and tight supply. Tensions in the Middle East and Russia added to the concerns. The housing market and larger economy are expected to enter a "new normal" in 2022 as the unprecedented market disturbances subside. Last week's initial jobless claims totaled 286,000, well above the 225,000 estimate. Continuing claims also rose to 1.64 million. Builders in the single-family housing market are facing growing expenses, which is causing a turnaround in sentiment to start the year....

18 January 2022

FHFA Increases Fees On Certain High-Balance and Second-Home Loans

The Federal Housing Finance Agency (FHFA) recently announced increases to upfront fees for certain high-balance and second-home loans. These changes are in effect for loans delivered on and after April 1st, but will affect rates well in advance, so if you’ve been thinking of getting a new loan, we recommend you act now. What are upfront fees? Upfront fees are premiums added to the cost of a loan to account for higher risk scenarios. Though the name implies they are paid “upfront” when the loan is initiated, they are more typically reflected in the interest rate you pay. How much will this cost? The exact amount depends on your loan to...

14 January 2022

MarketMinute | Will the housing market grow despite climbing rates?

Multiple Fed members have come out supporting policy rate increases to curb inflation, beginning as early as March. Although the Fed doesn't set mortgage rates, expectations of upcoming Fed policy rate hikes pushed mortgage rates higher this week. Both consumer and wholesale inflation continue to be a problem. Consumer inflation rose 7% in December, its biggest gain since 1982. Purchase mortgage applications rose 2% last week compared with the previous week, as higher mortgage rates have homebuyers nervous. Refinance...

11 January 2022

2021 Mortgage Year In Review

What a ride it’s been! If you were involved in the home market in any way last year, we hope you were buckled in! Bidding wars, skyrocketing home values and low rates made it a year unlike any other for homeowners and buyers. Let's take a look at some 2021 Mortgage Highlights: Inventory fell to record-setting lows , with far fewer homes for sale than buyers wanted. The resulting bidding wars created record-setting price increases , too. Rates remained low with a few small bumps along the way, but record rates of inflation placed them on an upward trajectory at year’s end. They are still below historical norms....

GREENWAY BLOG

MarketMinute | Fed Rate Hikes Possible in 2022

MarketMinute | Homebuilder Blues

FHFA Increases Fees On Certain High-Balance and Second-Home Loans

MarketMinute | Will the housing market grow despite climbing rates?

2021 Mortgage Year In Review